UPDATE: Clinic chain EMC sets GDR price for IPO at $12.5 apiece

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MOSCOW, Jul 15 (PRIME) -- United Medical Group CY, manager of a private clinic chain European Medical Center (EMC), has set the price for an initial public offering (IPO) at U.S. $12.5 per global depositary receipt (GDR), the company said in a statement on Thursday.

The offering volume amounts to 40 million GDRs, but may be reduced by no more than 6 million securities in case an option to buy GDRs to support the offering price is executed.

The company may raise up to $500 million in the IPO, and the free float may amount to up to 44%.

Co-Director of the shareholder capital department at VTB Capital, one of the organizers of the IPO, Boris Kvasov told PRIME that Russian investors accounted for around a half of demand for the GDRs.

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